Do Market Prices Reflect Real Scarcity? Theories and Facts

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Do market relative prices reflect real scarcity of resources? If this were so, market prices would provide society with the correct signals about real scarcities. Economics—the science of scarcity— has different answers to this question. Following the principles of current epistemology, the paper re...

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Detalles Bibliográficos
Autor: Figueroa, Adolfo
Formato: artículo
Fecha de Publicación:2019
Institución:Pontificia Universidad Católica del Perú
Repositorio:Revistas - Pontificia Universidad Católica del Perú
Lenguaje:inglés
OAI Identifier:oai:revistaspuc:article/21151
Enlace del recurso:http://revistas.pucp.edu.pe/index.php/economia/article/view/21151
Nivel de acceso:acceso abierto
Materia:Market institution
Market theory
Market structure
Market competition
Market relative prices
Natural resources
Scarcity
Capitalism
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spelling Do Market Prices Reflect Real Scarcity? Theories and FactsFigueroa, AdolfoMarket institutionMarket theoryMarket structureMarket competitionMarket relative pricesNatural resourcesScarcityCapitalismDo market relative prices reflect real scarcity of resources? If this were so, market prices would provide society with the correct signals about real scarcities. Economics—the science of scarcity— has different answers to this question. Following the principles of current epistemology, the paper reviews three theories of markets: neoclassical, bio-economics, and unified theory, analyzing their assumptions, their derived empirical predictions about the relation between market prices and scarcity, and their validity when confronted against known basic facts. Clarifying misconceptions about the nature and the role of the market mechanism in the functioning of capitalism is the expected contribution of the paper.Pontificia Universidad Católica del Perú2019-09-16info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttp://revistas.pucp.edu.pe/index.php/economia/article/view/2115110.18800/economia.201901.003Economía; Volume 42 Issue 83 (2019); 54-742304-43060254-4415reponame:Revistas - Pontificia Universidad Católica del Perúinstname:Pontificia Universidad Católica del Perúinstacron:PUCPenghttp://revistas.pucp.edu.pe/index.php/economia/article/view/21151/20887info:eu-repo/semantics/openAccessoai:revistaspuc:article/211512020-03-08T19:15:54Z
dc.title.none.fl_str_mv Do Market Prices Reflect Real Scarcity? Theories and Facts
title Do Market Prices Reflect Real Scarcity? Theories and Facts
spellingShingle Do Market Prices Reflect Real Scarcity? Theories and Facts
Figueroa, Adolfo
Market institution
Market theory
Market structure
Market competition
Market relative prices
Natural resources
Scarcity
Capitalism
title_short Do Market Prices Reflect Real Scarcity? Theories and Facts
title_full Do Market Prices Reflect Real Scarcity? Theories and Facts
title_fullStr Do Market Prices Reflect Real Scarcity? Theories and Facts
title_full_unstemmed Do Market Prices Reflect Real Scarcity? Theories and Facts
title_sort Do Market Prices Reflect Real Scarcity? Theories and Facts
dc.creator.none.fl_str_mv Figueroa, Adolfo
author Figueroa, Adolfo
author_facet Figueroa, Adolfo
author_role author
dc.subject.none.fl_str_mv Market institution
Market theory
Market structure
Market competition
Market relative prices
Natural resources
Scarcity
Capitalism
topic Market institution
Market theory
Market structure
Market competition
Market relative prices
Natural resources
Scarcity
Capitalism
description Do market relative prices reflect real scarcity of resources? If this were so, market prices would provide society with the correct signals about real scarcities. Economics—the science of scarcity— has different answers to this question. Following the principles of current epistemology, the paper reviews three theories of markets: neoclassical, bio-economics, and unified theory, analyzing their assumptions, their derived empirical predictions about the relation between market prices and scarcity, and their validity when confronted against known basic facts. Clarifying misconceptions about the nature and the role of the market mechanism in the functioning of capitalism is the expected contribution of the paper.
publishDate 2019
dc.date.none.fl_str_mv 2019-09-16
dc.type.none.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
format article
status_str publishedVersion
dc.identifier.none.fl_str_mv http://revistas.pucp.edu.pe/index.php/economia/article/view/21151
10.18800/economia.201901.003
url http://revistas.pucp.edu.pe/index.php/economia/article/view/21151
identifier_str_mv 10.18800/economia.201901.003
dc.language.none.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv http://revistas.pucp.edu.pe/index.php/economia/article/view/21151/20887
dc.rights.none.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Pontificia Universidad Católica del Perú
publisher.none.fl_str_mv Pontificia Universidad Católica del Perú
dc.source.none.fl_str_mv Economía; Volume 42 Issue 83 (2019); 54-74
2304-4306
0254-4415
reponame:Revistas - Pontificia Universidad Católica del Perú
instname:Pontificia Universidad Católica del Perú
instacron:PUCP
instname_str Pontificia Universidad Católica del Perú
instacron_str PUCP
institution PUCP
reponame_str Revistas - Pontificia Universidad Católica del Perú
collection Revistas - Pontificia Universidad Católica del Perú
repository.name.fl_str_mv
repository.mail.fl_str_mv
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Do Market Prices Reflect Real Scarcity? Theories and Facts
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